Prime Minister Tony Abbott's Joint Commonwealth and Tasmanian Economic Council was promised late in the campaign for the September election, but is only now gaining what MrElphinstone describes as "traction".

"It's probably been a little slower than I would have liked," the North-West magnate told The Advocate.

"But you have to take that in context."

The first meeting, he said, involved protocols and formulation, then the state election and change of government came along, followed by the federal budget.

Business members were approached and appointed.

The business members have settled on six key ideas they will take to a full council meeting, including Mr Abbott, in Launceston on July 25.

Premier Will Hodgman and state Treasurer Peter Gutwein will also attend.

They met Mr Elphinstone in Burnie last week to provide state government input."The aim is to get everyone on the same page," Mr Elphinstone said.

"In a tug of war, if you have everyone on the same end of the rope, it goes pretty easy."

The group is expected to provide advice to the Abbott government on ways to improve the state economy.

Bass Strait freight costs and reforming laws discouraging foreign- flagged shipping are known to feature heavily in its thinking.

Mr Elphinstone was not yet ready to detail the six key ideas, saying they needed to be "distilled".

"We certainly will be prepared."

Mr Hodgman said: "The federal and state governments will work with the local business community to drive reforms to boost Tasmania's long-term growth and build on our competitive strengths, including agriculture and aquaculture, mining and forestry, tourism and energy."

Shortly before the election, Liberal Senator Stephen Parry said the economic council process would be "fast and furious".